Q. How much gold do you have to own to pay Zakaat? For instance, my wife has 5 oz weight in jewellery. Will she have to pay Zakaat on that amount and if so how much?
A. When a person has 2.8 ozs of gold, then Zakaah becomes compulsory upon him. As such, your wife will have to pay Zakaat on her 5 ozs of gold, when a year has passed (with this being in her possession).
She will be required to pay 2 1/2 % of the total amount of gold. An easy method is for her to find out the cost/value of 5 ozs of gold, and then pay 2 1/2 % of the total amount.
And Allah knows best.
Mufti Waseem Khan